Binance is under the spotlight after traders claimed the exchange sold huge amounts of Bitcoin (BTC) and it led to drastic changes in its price, raising concerns about market manipulation. Users on X noted that while the whole crypto market was seeing a huge sell-off on Monday, BNB was trading steadily. BNB was trading above $980, down just over 5% in the last 24 hours, as per CoinMarketCap data.
Merlijn The Trader pointed out on X that CZ said, “Maybe we haven’t hit the real bull market yet,” while Binance was selling huge amounts of Bitcoin. This has sparked speculation that Binance might be affecting the market’s direction.
Moreover, the same trader noted a recurring pattern: “Every time CZ tweets ‘BUY THE DIP’ → Bitcoin pumps. Every time he hints ‘BULL MARKET’ → Bitcoin dumps.” Following this, traders are now questioning whether CZ’s posts act as an insider indicator.
Additionally, on-chain data adds more questions. Analyst Rekt Fencer noted, “Binance keeps piling up huge amounts of stablecoins just as the market crashed. Coincidence… or did they know something?”
According to CryptoQuant, Binance recorded $2.1 billion in stablecoin inflows on September 17, just before the Federal Reserve announced its first rate cut since December 2024. Coinbase saw $1.6 billion, while other platforms recorded $3 billion combined. Hence, market observers believe Binance could be stockpiling “dry powder” for the next big rally.
Ethereum under pressure
Besides Bitcoin, Ethereum (ETH) markets also appear affected. Analyst Ted claimed, “I hate to say it, but Binance is manipulating $ETH and the entire altcoin market.” He argued that Ethereum was preparing to break $4,000 with strong institutional demand.
However, he accused Binance of dumping millions of ETH by routing funds through market maker accounts. Consequently, suspicions also grew that customer funds may be involved, intensifying community concerns.
The crypto community is currently abuzz with such actions from Binance, with questions being raised about fairness, transparency, and trust in the crypto market.